Posted by sotxbill on November 26, 2015 at 07:08:51 from (104.5.24.112):
In Reply to: Cause and effect posted by Geo-TH,In on November 25, 2015 at 14:59:27:
Correct!!!.. TAX LOOPHOLES are simply tax rules for ALL of us that are passed by congress. There are tax deductions for companies to setup retirement 401k plans for employees... ALL companies and business in America get to deduct costs of setting up 401k plans no matter who owns them, rich, poor, foreign owned or US owned.
Government allows this so that the "workers" benefit, and save for retirement. Other TAX LOOPHOLES are similar in that they encourage a business to spend or act in a way the helps everyone else. There are tax loopholes that allow farmers to write off losses in disasters so they can come back the following year.
DO NOT BLAME BUSINESS FOR USING THE TAX CODE. REMEMBER THE GOVERNMENT SET THE CODE TO ENCOURAGE CERTAIN THINGS TO HAPPEN.
If you dont like credits for business setting up retirement plans, medical and health plans. deductions and tax credits for buying and replacing your equipment, being allowed to deduct your seed cost, and labor cost, then go to an underdeveloped country.
The flat style tax codes they have do NOT encourage savings plans, or growing and getting bigger, or medical plans, giving to the communities, deductions for cleaner air, or cleaner water plans, so companies never grow and go out of business when anything changes. They do not allow cost of changing out equipment to be deducted so the plant and equipment can never be replaced. Business get tax credits for expanding and creating more jobs. Those type of deductions allow the cost of expansion to be spread out over the life of the plant so you can afford to pay it off. Then everyone gains, even the taxing entities gain by more property taxes, more payroll taxes, more employees buying homes and spending money.
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Today's Featured Article - Gatherin of the Orange - by Rick Nikolich. In July of 1998 I was talking to fellow Allis Chalmers collector Mike Schilling about the annual "Gathering of The Orange" AC show coming up in August of 1999. He got this wild idea that we should get a convoy of AC tractors and drive them from Charlotte, Michigan 105 miles to LaGrange, Indiana.
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